Florida Form F-1120 is the Florida Corporate Income/Franchise Tax Return that every C corporation, and many LLCs taxed as corporations, must file with the Florida Department of Revenue when they earn income in Florida or are organized under Florida law. You file it by completing your federal Form 1120 first, then transferring federal taxable income to Line 1 of the F-1120, making Florida-specific additions and subtractions, apportioning multistate income using Florida’s three-factor formula, subtracting the $50,000 exemption, and applying the 5.5% rate to the result.
The stakes are high because Florida’s Chapter 220, Florida Statutes imposes penalties of 10% per month (capped at 50%) for late filing, plus floating-rate interest, plus criminal exposure for willful failure to file. According to the Florida Department of Revenue’s annual report, corporate income tax collections exceeded $4.7 billion in fiscal year 2024-2025, making it the state’s third-largest revenue source after sales tax and documentary stamp tax.
Here is what you will learn in this guide:
- 📋 Who must file F-1120, who qualifies for the short-form F-1120A, and who is exempt under Fla. Stat. § 220.13
- 🧮 How to calculate Florida taxable income line-by-line, including additions for bonus depreciation and subtractions for Subpart F and GILTI
- 🗺️ How to apportion multistate income using Florida’s double-weighted sales three-factor formula under Rule 12C-1.0155, F.A.C.
- 💰 How to handle estimated payments via Form F-1120ES, extensions via Form F-7004, and amended returns via Form F-1120X
- ⚖️ How to avoid the seven costliest filing mistakes, including missed nexus, blown apportionment, and ignored federal audit adjustments
Who Must File Form F-1120
Every corporation that conducts business, earns income, or exists in Florida must file Form F-1120, even if it owes zero tax. The filing duty flows from Fla. Stat. § 220.22, which requires returns from every taxpayer “liable for tax under this chapter.” A corporation does not need to write a check to have a filing duty. Filing protects the statute of limitations and starts the three-year clock under Fla. Stat. § 95.091.
The consequence of skipping the return is severe. Florida assesses a penalty of 10% per month, up to 50%, plus a floating interest rate set twice yearly under Fla. Stat. § 213.235. A non-filer also loses the protection of the statute of limitations, meaning the Department can audit forever. A common misconception is that “no income equals no return.” That belief leads owners straight into penalty traps.
C Corporations
Every traditional C corporation organized under Florida Chapter 607 must file F-1120 each year. A foreign C corporation must also file if it has nexus with Florida, meaning it owns property, employs workers, or makes sales into the state that exceed economic-nexus thresholds. The Florida Department of Revenue’s Technical Assistance Advisement program confirms that even a single Florida employee can trigger filing.
Take Sunshine Plastics, Inc., a Delaware C corporation with one warehouse in Orlando. Even though Delaware is its state of incorporation, the Orlando warehouse creates Florida nexus. Sunshine Plastics must file F-1120 for every year the warehouse exists. The consequence of ignoring this is a Florida assessment that pierces back through every open year, plus penalties.
LLCs Taxed as Corporations
A Florida LLC that elects corporate tax treatment with the IRS by filing Form 8832 becomes a corporation for Florida purposes too. Florida conforms to the federal entity classification rules under Fla. Stat. § 220.03(1)(e). An LLC that elects S-corp status by filing Form 2553 generally does not file F-1120 unless it has built-in gains or LIFO recapture income.
Consider Bayside Boutique LLC, a Miami clothing retailer that filed Form 8832 to be taxed as a C corporation. Bayside must now file F-1120 every year, even when it loses money. A common misconception is that LLCs never file F-1120. That myth costs LLC owners thousands in late-filing penalties.
S Corporations
A Florida S corporation usually does not pay corporate income tax because the income passes through to shareholders. However, an S corporation must file F-1120 if it owes tax on built-in gains under IRC § 1374, excess net passive income under IRC § 1375, or LIFO recapture. Florida adopts these federal triggers under Fla. Stat. § 220.13(2)(k).
The consequence of ignoring built-in gains tax is doubled. The corporation owes federal tax under § 1374 plus Florida tax on the same gain. The IRS and Florida share data through the Multistate Tax Commission audit program, so missed built-in gains rarely stay hidden.
Exempt Organizations and Special Entities
Section 501(c) tax-exempt organizations file F-1120 only when they have unrelated business taxable income (UBTI) under IRC § 511. Homeowners associations that file federal Form 1120-H must file Florida F-1120 reporting only their non-exempt function income. Political organizations file when they have taxable income under IRC § 527.
Banks and savings associations file F-1120 like any other corporation, but they use specific apportionment rules under Rule 12C-1.0155(2)(l), F.A.C.. Insurance companies, however, are exempt from corporate income tax because they pay premium tax under Fla. Stat. § 624.509 instead. A common misconception is that nonprofits never file. They do file the moment UBTI appears.
Form F-1120 vs. F-1120A: Which One Do You Use?
Florida offers a short-form return, Form F-1120A, for small corporations that meet strict eligibility tests. The short form has only one page and skips most schedules. The full F-1120 runs nine pages and includes Schedules I through VII plus the apportionment workpaper.
Choosing the wrong form costs time and creates audit risk. A corporation that uses F-1120A when it does not qualify must amend with the long form. A corporation that uses the long form when it qualifies for F-1120A wastes hours on unnecessary schedules.
| Feature | Form F-1120 (Long) | Form F-1120A (Short) |
|---|---|---|
| Federal taxable income limit | None | Under $45,000 |
| Florida net income limit | None | Under $45,000 |
| Multistate apportionment | Allowed | Not allowed |
| Florida net operating loss carryover | Allowed | Not allowed |
| Nonbusiness income allocation | Allowed | Not allowed |
| Schedules required | I through VII | None |
| IRC § 168(k) bonus depreciation addback | Required | Required |
| Estimated tax requirement | If liability > $2,500 | If liability > $2,500 |
A corporation must use the long F-1120 if it does business outside Florida, has Florida net operating loss carryovers, has nonbusiness income, has alternative minimum tax, owes built-in gains tax, or has federal taxable income or Florida net income above $45,000. The F-1120A instructions list every disqualifier in detail.
Filing Deadlines, Extensions, and Estimated Payments
Florida F-1120 is due on the first day of the fifth month after the close of the tax year for calendar-year filers, which means May 1 rather than the federal April 15. For fiscal-year filers, the due date is the first day of the fifth month after year-end. June 30 fiscal-year filers must file by the first day of the fourth month after year-end under Fla. Stat. § 220.222.
The consequence of missing the deadline triggers two penalties. The late-filing penalty is 10% per month (or fraction) up to 50%. The late-payment penalty is also 10% per month up to 50%, but the two penalties cannot both be charged on the same underpayment in the same month. Interest accrues from the original due date at the floating rate published in Tax Information Publications.
Extension via Form F-7004
A corporation may extend the filing deadline by six months by filing Form F-7004 on or before the original due date. The extension is automatic, but only for filing. It does not extend the time to pay. The corporation must remit the tentative tax with Form F-7004 to avoid interest and penalty.
The tentative tax must equal the lesser of the prior year’s tax or 90% of the current year’s tax. A short tentative payment voids the extension entirely under Rule 12C-1.0222, F.A.C.. The consequence of voiding the extension is a 10%-per-month late-filing penalty back to the original due date.
Take Coral Reef Construction, Inc., a Naples builder with a $40,000 prior-year tax. Coral Reef estimates 2025 tax at $30,000 and pays $30,000 with Form F-7004. The Department later assesses $50,000. Because Coral Reef paid less than 90% of the actual tax and less than the prior-year tax, the extension is void, and Coral Reef owes late-filing penalties.
Estimated Payments via Form F-1120ES
A corporation that expects more than $2,500 in Florida tax must make four estimated payments using Form F-1120ES. Calendar-year filers pay on May 31, June 30, October 1, and January 1. Each installment is generally 25% of the required annual payment under Fla. Stat. § 220.34.
The consequence of underpayment is interest computed on Form F-2220, the Underpayment of Estimated Tax form. Interest runs from each installment date to the earlier of the date paid or the original return due date. A common misconception is that paying everything with the return avoids the underpayment charge. It does not.
Line-by-Line Walkthrough of Form F-1120
The current Form F-1120 (2025) starts with header information, then computes tax on the first page, with supporting schedules on later pages. Every line ties back to either the federal return or a Florida-specific adjustment.
Header and Identification
The header asks for the federal employer identification number, the Florida business partner number, the principal business activity code, the date of incorporation, the state of incorporation, and the beginning and ending dates of the tax year. The header also has check boxes for initial return, final return, name change, address change, and amended return.
A wrong FEIN or missing business partner number stalls processing for weeks. The Department uses the partner number to match payments to returns. A common misconception is that the partner number is optional. Without it, payments sit unapplied while penalties grow.
Computation of Florida Net Income (Lines 1–9)
Line 1 is federal taxable income from federal Form 1120, Line 30. Line 2 lists state income taxes deducted on the federal return that must be added back under Fla. Stat. § 220.13(1)(a)1. Line 3 captures other additions from Schedule I, including bonus depreciation under IRC § 168(k), Section 179 excess, GILTI, Subpart F income adjustments, and federal NOL deductions.
Line 4 is the sum of Lines 1, 2, and 3. Line 5 lists subtractions from Schedule II, including the foreign source income subtraction and the Florida bonus depreciation recovery. Line 6 is adjusted federal income (Line 4 minus Line 5). Line 7 is nonbusiness income allocated to Florida under Schedule R. Line 8 is Line 6 minus Line 7, the apportionable income.
Line 9 is Florida-apportioned income (Line 8 × the apportionment factor from Schedule III). The consequence of mis-apportioning is a Department audit that can reach back four years if the underpayment exceeds 25% of tax due, under Fla. Stat. § 95.091(3)(a)2.
Computation of Florida Tax (Lines 10–18)
Line 10 adds Line 9 to Line 7 to produce Florida portion of adjusted federal income. Line 11 subtracts the Florida net operating loss carryover (Schedule IV). Line 12 subtracts Florida exemption income. Line 13 is taxable income (Line 10 minus Lines 11 and 12).
Line 14 is the $50,000 exemption under Fla. Stat. § 220.14. The exemption phases out for affiliated group members proportionally. Line 15 is Florida tax — Line 13 minus Line 14, times 5.5%. Line 16 lists credits against tax from Schedule V. Line 17 is total tax due. Line 18 is emergency excise tax (now zero, retained for legacy years).
A common misconception is that every corporation gets the full $50,000 exemption. Affiliated members of a controlled group share one exemption. Splitting it incorrectly creates assessment risk.
Payments and Balance Due (Lines 19–28)
Line 19 captures estimated payments from Form F-1120ES. Line 20 captures the tentative tax paid with Form F-7004. Line 21 captures any prior-year overpayment credited forward. Line 22 is total payments and credits.
Line 23 is balance due (tax minus payments). Line 24 is penalty. Line 25 is interest. Line 26 is the F-2220 underpayment penalty. Line 27 is total due. Line 28 is overpayment, which the corporation can apply to next year’s estimated tax or request as a refund.
The consequence of skipping Line 26 when applicable is automatic billing later, with additional interest. A common misconception is that paying everything on the original due date eliminates the F-2220 charge. It does not erase prior-installment shortfalls.
Schedule-by-Schedule Walkthrough
Schedule I — Additions and/or Adjustments to Federal Taxable Income
Schedule I captures every Florida-required addition. The biggest is the federal bonus depreciation addback under Fla. Stat. § 220.13(1)(e), which Florida decouples from IRC § 168(k). The corporation adds back 100% of the federal bonus deduction, then takes the addback back as a subtraction over seven years on Schedule II.
Other Schedule I additions include the federal NOL deduction (because Florida computes its own NOL), Section 179 amounts above Florida’s $25,000/$200,000 limits, GILTI under IRC § 951A (with a 100% subtraction on Schedule II for tax years after 2018), and Subpart F adjustments. The consequence of missing the bonus depreciation addback is a multi-year deficiency once the Department cross-checks federal depreciation schedules.
Schedule II — Subtractions From Federal Taxable Income
Schedule II captures Florida-required subtractions. The largest are the bonus depreciation recovery (one-seventh per year over seven years), GILTI subtraction for years after 2018, Subpart F income subtraction under Fla. Stat. § 220.13(1)(b)2, and foreign source income that is not effectively connected.
Schedule II also includes the dividends-received deduction adjustment and the salaries-and-wages credit gross-up. A common misconception is that GILTI flows through without adjustment. Florida’s TIP 19C01-01 makes clear that GILTI must first be added on Schedule I (because Florida starts from federal taxable income before the GILTI deduction at the federal level was finalized), then subtracted on Schedule II.
Schedule III — Apportionment of Adjusted Federal Income
Schedule III is where multistate corporations compute the Florida apportionment factor. Florida uses a three-factor formula with a double-weighted sales factor under Fla. Stat. § 220.15. The formula is:
[ \text{Apportionment Factor} = \frac{\text{Property Factor} + \text{Payroll Factor} + (2 \times \text{Sales Factor})}{4} ]
The property factor is the average value of Florida real and tangible property divided by everywhere property. The payroll factor is Florida wages divided by everywhere wages. The sales factor is Florida sales divided by everywhere sales, with sourcing rules under Rule 12C-1.0155, F.A.C..
Florida sources tangible-goods sales to the state of delivery (destination sourcing). Florida sources services and intangibles using cost-of-performance sourcing, not market-based sourcing. The consequence of using market-based sourcing on a Florida return is overstating Florida sales and overpaying tax. The American Bankers Ins. Group v. Department of Revenue decision confirmed that Florida follows traditional cost-of-performance sourcing.
Schedule IV — Florida Net Operating Loss Deduction
Florida computes its own NOL because the federal NOL is disallowed. Florida NOLs from tax years beginning after January 1, 2018, follow the federal Tax Cuts and Jobs Act regime, meaning no carryback and unlimited carryforward, with the deduction limited to 80% of Florida taxable income in the year used. NOLs from earlier years still carry the old 20-year carryforward and 100% usability rules.
The consequence of mixing pre-2018 and post-2018 NOL rules is a denied deduction during audit. A common misconception is that Florida allows the federal carryback. It does not.
Schedule V — Credits Against the Corporate Income/Franchise Tax
Schedule V claims Florida-specific credits. The most common are the Capital Investment Tax Credit under Fla. Stat. § 220.191, the Enterprise Zone Jobs Credit (sunset but legacy claims allowed), the Florida Strong Families Tax Credit for child welfare contributions, the Community Contribution Tax Credit for low-income housing, and the Research and Development Credit under Fla. Stat. § 220.196.
The R&D credit is first-come, first-served with a $9 million annual cap, and applications open March 20 each year. The consequence of late application is denial regardless of qualifying expenditures.
Schedule VI — Summary of Credits
Schedule VI summarizes credits taken on Schedule V plus credit carryforwards. The corporation must track each credit separately because most have different carryforward periods. The R&D credit carries forward 5 years. The Capital Investment Tax Credit carries forward 20 years. The Strong Families credit carries forward 10 years.
Schedule VII — Additional Required Information
Schedule VII collects ownership disclosure, federal audit adjustments, and consolidated-return disclosure. The corporation must check a box if it is a member of a federal consolidated group and file as part of a Florida nexus consolidated group under Fla. Stat. § 220.131. The corporation must also disclose any IRS Revenue Agent Report (RAR) adjustments under the 60-day reporting rule of Fla. Stat. § 220.23.
The consequence of skipping the RAR disclosure is the loss of the statute of limitations forever. The Department can assess Florida tax based on the federal change at any time.
Three Real-World Filing Scenarios
Scenario 1 — Single-State Florida Manufacturer
| Filing Action | Result on F-1120 |
|---|---|
| Tampa Tools, Inc. earns $500,000 federal taxable income with no out-of-state activity | Apportionment factor is 100%, Florida tax base is $500,000 |
| Adds back $80,000 federal bonus depreciation on Schedule I | Adjusted federal income rises to $580,000 |
| Subtracts $11,428 (one-seventh) bonus recovery on Schedule II | Apportionable income becomes $568,572 |
| Subtracts $50,000 exemption on Line 14 | Florida taxable income equals $518,572 |
| Applies 5.5% rate | Florida tax owed is $28,521 |
Scenario 2 — Multistate E-Commerce Seller
| Filing Action | Result on F-1120 |
|---|---|
| Coast2Coast Goods, Inc. ships from Georgia warehouse, sells $2 million to Florida customers | Florida sales factor numerator is $2 million |
| Has zero Florida property and zero Florida payroll | Property and payroll factors are zero |
| Computes apportionment: (0 + 0 + 2 × 0.40) / 4 = 0.20 | Florida factor is 20% |
| Apportions $1 million federal income | Florida-apportioned income equals $200,000 |
| Subtracts $50,000 exemption, applies 5.5% | Florida tax owed is $8,250 |
Scenario 3 — S Corporation With Built-In Gains
| Filing Action | Result on F-1120 |
|---|---|
| Palm Beach Dental, Inc., a former C-corp now S-corp, sells appreciated equipment | Federal Form 1120-S Schedule D shows $200,000 built-in gain |
| Pays federal § 1374 tax of $42,000 | Federal taxable income at corporate level equals $200,000 |
| Files Florida F-1120 reporting the same $200,000 | Florida apportionment factor is 100% (single state) |
| Subtracts $50,000 exemption | Florida taxable income equals $150,000 |
| Applies 5.5% rate | Florida tax owed is $8,250 |
Three Named Examples
Maria Hernandez owns Hialeah Logistics, Inc., a Florida C-corp that earned $1.2 million federal taxable income in 2025. Maria forgot to add back $300,000 of federal bonus depreciation. The Department later audited and assessed $16,500 in tax plus penalty and interest. Maria’s lesson: never skip Schedule I additions even when the federal return looks clean.
David Chen runs Jacksonville SaaS Holdings, LLC, taxed as a C-corp, with customers in 30 states. David sourced subscription revenue using market-based rules from his home state of California. Florida’s cost-of-performance rule reduced his Florida sales factor from 18% to 4%, generating a $48,000 refund once he amended on Form F-1120X. David’s lesson: Florida is not a market-sourcing state.
Linda Patel founded Orlando BioTech, Inc. and missed the March 20 R&D credit application deadline by one week. She lost a $120,000 credit despite qualifying expenses. The Department denied the credit because the cap was already exhausted. Linda’s lesson: Florida R&D is first-come, first-served, and lateness equals denial.
Penalties, Interest, and Audit Exposure
Florida charges three layers of cost when a return is wrong or late. The late-filing penalty is 10% per month, capped at 50%, but never less than $50 if any tax is due. The late-payment penalty is 10% per month, capped at 50%. The two cannot stack on the same underpayment in the same month, but they can apply in different months.
Interest accrues at the floating rate set every January 1 and July 1 under Fla. Stat. § 213.235. For 2026, the rate is 11% annually. Underpayment-of-estimated-tax interest accrues separately on Form F-2220, even if the return is paid in full by May 1.
Criminal exposure appears under Fla. Stat. § 220.901, which makes willful failure to file a third-degree felony when tax exceeds $300. Civil fraud under Fla. Stat. § 220.803 adds a 100% penalty on the unpaid tax. The consequence of fraud is total exposure equal to roughly 270% of the original tax once interest, fraud penalty, and criminal fines combine.
The audit statute is three years from the later of the due date or filing date under Fla. Stat. § 95.091(3), extended to six years when the underpayment exceeds 25% of tax due, and unlimited for non-filers, fraud, or unreported federal RAR adjustments.
Mistakes to Avoid
- Skipping the F-1120 because the corporation lost money — Florida requires a return regardless of profit, and non-filing waives the statute of limitations forever.
- Forgetting the bonus depreciation addback — IRC § 168(k) bonus is fully decoupled, and missing the Schedule I add-back creates a multi-year audit assessment.
- Using market-based sourcing for services — Florida uses cost-of-performance sourcing under Rule 12C-1.0155, and market-based sourcing overstates Florida sales.
- Missing the May 1 deadline by assuming April 15 — Florida due dates differ from federal, and the gap surprises filers who rely on federal calendars.
- Treating Form F-7004 as a payment extension — F-7004 only extends filing time, and unpaid tax accrues interest and penalty from May 1.
- Ignoring the 60-day federal RAR notice — Florida requires notice within 60 days of an IRS audit, and silence opens an unlimited audit window.
- Splitting the $50,000 exemption wrong — Affiliated members share one exemption, and miscalculation creates assessments across the entire group.
- Paying estimated tax by mailing a check on the due date — Florida requires electronic payment for liabilities above $20,000, and paper checks for large filers trigger penalties.
- Using F-1120A when ineligible — The short form is invalid for multistate filers, NOL carryover users, or corporations with income over $45,000.
- Forgetting to file F-1120X after a federal amendment — Florida requires conforming amendments within 60 days of the federal change.
Dos and Don’ts
Do file electronically through Florida e-Services because e-filed returns post in 24 hours and avoid mail-handling errors. Do track Florida NOLs separately from federal NOLs because the two diverge under decoupling rules. Do make estimated payments on time because Form F-2220 interest applies installment-by-installment. Do disclose federal RAR adjustments within 60 days because silence forfeits the statute of limitations. Do keep apportionment workpapers for 7 years because the audit window stretches to 6 years for large underpayments.
Don’t rely on TurboTax federal export without Florida adjustments because consumer software often skips Schedule I addbacks. Don’t assume insurance companies file F-1120 because they pay premium tax instead under § 624.509. Don’t miss the March 20 R&D application window because the credit is first-come, first-served. Don’t mix pre-2018 and post-2018 NOLs because the rules differ on carryback and 80% limitation. Don’t forget to attach a copy of federal Form 1120 because Florida requires it as part of a complete return.
Pros and Cons of the F-1120 Regime
Pros: – Florida’s 5.5% rate is among the lowest corporate rates in the country, beating California (8.84%) and New York (7.25%). – The $50,000 exemption shelters small corporations entirely. – No personal income tax means owner salaries face no state-level individual layer. – Cost-of-performance sourcing benefits service corporations headquartered outside Florida. – Generous credits like R&D, Capital Investment, and Strong Families reduce effective rates further.
Cons: – The bonus depreciation decoupling creates permanent timing differences and complex tracking. – The May 1 due date catches federal-trained preparers off guard. – Form F-2220 underpayment interest applies installment-by-installment. – Florida apportionment differs from most states, requiring a separate workpaper for every multistate filer. – The 60-day federal RAR rule traps unwary corporations into unlimited audit exposure.
Amended Returns via Form F-1120X
A corporation that discovers an error after filing must amend using Form F-1120X. The amendment is required when federal taxable income changes due to an IRS audit, a federal amendment, or any Florida-specific correction. The corporation must amend within 60 days of the federal change under Fla. Stat. § 220.23.
The consequence of late amendment is the loss of refund rights if the change is favorable, and unlimited audit exposure if the change is unfavorable. Refund claims must be filed within 3 years of the original due date or 2 years of payment, whichever is later, under Fla. Stat. § 215.26.
Key Court Rulings and Department Guidance
The Florida Supreme Court in Department of Revenue v. Daystar Farms, Inc. clarified that nonbusiness income must be allocated rather than apportioned. The First DCA in GTECH Corp. v. Department of Revenue confirmed cost-of-performance sourcing for service receipts. The Department’s TIP 22C01-01 addresses the GILTI subtraction, and TIP 24C01-01 addresses the most recent floating interest rate.
These authorities collectively shape audit defense. The consequence of ignoring them is losing winnable positions. A common misconception is that Department TIPs lack legal weight. While not regulations, courts give them substantial deference under Fla. Stat. § 120.74.
FAQs
Do I have to file Form F-1120 if my corporation lost money?
Yes. Florida requires every corporation with nexus to file F-1120 even at a loss, because filing protects the statute of limitations and preserves NOL carryforwards.
Is the F-1120 due date the same as the federal Form 1120 due date?
No. Florida calendar-year corporations file by May 1, not April 15, under Fla. Stat. § 220.222, which sets the due date as the first day of the fifth month.
Can I file Form F-1120A if I do business in two states?
No. The short form F-1120A requires 100% Florida activity, no apportionment, no NOL carryover, and federal income under $45,000.
Does Florida allow federal bonus depreciation?
No. Florida decouples from IRC § 168(k), requires a Schedule I addback, and lets the corporation recover the addback over seven equal years on Schedule II.
Does Florida tax GILTI under IRC § 951A?
No. Florida fully subtracts GILTI on Schedule II for tax years beginning after January 1, 2018, under guidance in TIP 19C01-01.
Are S corporations required to file Form F-1120?
No. S corporations generally skip F-1120 unless they owe built-in gains tax, excess net passive income tax, or LIFO recapture under IRC §§ 1374 and 1375.
Does Form F-7004 extend my time to pay Florida tax?
No. Form F-7004 only extends the filing deadline by six months, and the corporation must still pay tentative tax by the original due date to avoid penalty.
Can I deduct my federal NOL on Florida F-1120?
No. Florida disallows the federal NOL, requires an addback on Schedule I, and lets corporations claim a separate Florida NOL on Schedule IV.
Do insurance companies file Form F-1120?
No. Insurance companies pay premium tax under Fla. Stat. § 624.509 instead of corporate income tax, so they are exempt from F-1120 filing.
Must I notify Florida if the IRS audits my federal return?
Yes. Fla. Stat. § 220.23 requires notification within 60 days of the federal change, and missing this deadline opens unlimited Florida audit exposure.
Does Florida allow market-based sourcing for service revenue?
No. Florida uses cost-of-performance sourcing under Rule 12C-1.0155, meaning service revenue is sourced where the income-producing activity occurs.
Can I e-file Form F-1120?
Yes. The Department requires electronic filing for corporations with prior-year tax over $20,000, and encourages e-filing for all others through Florida e-Services.
Is there a minimum tax on Form F-1120?
No. Florida has no corporate minimum tax, and a corporation with zero taxable income owes zero, though it must still file the return.
Can two related corporations each claim the $50,000 exemption?
No. Members of a controlled group share a single $50,000 exemption that must be allocated among them under Fla. Stat. § 220.14.
How long should I keep my F-1120 records?
Yes, keep records for at least 7 years because the audit statute extends to 6 years for underpayments above 25%, and federal RAR exposure can extend longer.
Related reading
- How to Fill Out IRS Form 1120-S (w/Examples) + FAQs
- How to Fill Out Florida Form DR-15 (w/Examples) + FAQs
- How to Fill Out Florida Form DR-26S (w/Examples) + FAQs
- How to Fill Out Florida Form F-1065 (w/Examples) + FAQs
- How to Fill Out Florida Form F-7004 (w/Examples) + FAQs
- How to Fill Out Florida Form P-3.0250 (w/Examples) + FAQs